Letters of credit (L/Cs) feature in a case in which Ghana's ex-Minister of Foreign Affairs and Regional Integration, Akwasi Osei-Adjei, is alleged to have caused financial losses to the state by importing rice from India worth over US$10 million.

The former head of Ghana's National Investment Bank (NIB), Daniel Charles Gyimah, is also standing trial in the same case.

Approval

According to the deputy manager of international banking at NIB, Pauline Lamptey, the L/Cs used to facilitate the importation of the rice from India may not have been properly approved.

Lamptey told the court that she had received instructions to process the L/Cs from Gyimah himself rather than through the usual approval channels.

Short delivery

It is also alleged that although the rice shipment was apparently delivered and the proceeds of the L/Cs distributed, both the quantity and quality of the rice was insufficient.

The court in Ghana has also heard that many amendments were made to the L/Cs during the transaction.

The case is continuing.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.